Biwin Storage Technology (688525) 华鑫证券·2025-03-03 09:34Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2][8]. Core Views - The company has achieved significant revenue growth, with a 2024 revenue of 6.704 billion yuan, representing an 86.71% year-on-year increase, and a net profit of 176 million yuan, an increase of 800 million yuan year-on-year [5][8]. - The company has established a strong competitive advantage in the smart wearable sector, particularly with its ePOP storage products, which are characterized by low power consumption and fast response times [6][7]. - The company is committed to integrated research and development in packaging and testing, leading the domestic market in storage packaging technology [7]. Revenue and Profitability - The company forecasts revenues of 6.704 billion yuan in 2024, 9.102 billion yuan in 2025, and 11.026 billion yuan in 2026, with corresponding EPS of 0.41 yuan, 1.52 yuan, and 1.85 yuan [8][12]. - The company is expected to benefit from the recovery of the storage market and the rapid development of AI glasses, leading to sustained revenue and profit growth [8]. Market Position and Product Development - The company has deepened its engagement in the smart wearable market, entering the supply chains of well-known AI/AR glasses manufacturers such as Meta and Xiaomi, with projected revenue from smart wearable storage products reaching approximately 800 million yuan in 2024 [6][8]. - The company is enhancing its wafer-level advanced packaging capabilities to meet the growing demand for advanced storage packaging and to support its storage business [7].